When asked about personal finances, on average 60% of African American, Asian and Hispanic consumers said they expect their financial situation to be “somewhat” or “much” better a year from now, compared to 48% of the combined general population.
Diverse consumers feel optimistic about the current U.S. economic outlook, according to the third “How America Buys and Borrows” survey by Wells Fargo and Ipsos.
Eighty-eight percent of diverse consumers surveyed report having a positive outlook compared to 79 percent of the combined general population – a seven percent increase from last year. This is the second wave of data Wells Fargo has released as part of its annual support of the American Bankers Association’s Get Smart About Credit campaign.
The survey, fielded in June 2015, measured the attitudes and behaviors of more than 1,000 African American, Asian and Hispanic consumers about finances and managing credit.
When looking at diverse communities, the findings unveiled that, similar to the combined general population, diverse consumers believe credit can help them achieve their financial goals if used responsibly. However, diverse communities vary in how proud they are of their own credit scores. Among the combined general population, 51 percent of consumers report feeling proud of their credit score, however 59 percent of Asians, 34 percent of African Americans and 48 percent of Hispanics report the same.
Though diverse consumers are optimistic, their confidence levels are lower. Fifty-one percent of Asians, 46 percent of African Americans and 53 percent of Hispanics report feeling they may not know enough about making good borrowing decisions compared to 58 percent of the combined general population.
For data, background and forecasts on Consumer Behavior: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).